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July 18, 2019 Nigeria’s Pension Commission deploys an Enhanced Contributor Registration System The Nigerian National Pension Commission (PenCom) recently designed, developed and deployed an Enhanced Contributor Registration System (ECRS) which went live on 24 June 2019 after a pilot test. The ECRS is an advancement of the Contributor Registration System (CRS), which is used for the registration of participants of the Contributory Pension Scheme (CPS) in Nigeria. The PenCom introduced the ECRS to eliminate the challenges faced with the existing CRS. One being the lack of comprehensive and reliable data for all participants in the CPS. The following functionalities have been installed in the ECRS:
The PFAs have commenced with the updates and contributors are advised to provide their PFA with their National Identification Number, Bank Verification Number as well as other required information. The integration of the new system with the various identity platforms in the country is expected to effectively combat identity theft and prevent fraud within the industry since it should provide the opportunity for a cleanup of the existing database. Further, the new system is expected to provide contributors with the opportunity to switch from one PFA account to another with ease. For additional information with respect to this Alert, please contact the following: Ernst & Young Nigeria, Lagos
Ernst & Young Advisory Services (Pty) Ltd., Africa ITS Leader, Johannesburg
Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London
Ernst & Young LLP (United States), Pan African Tax Desk, New York
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